XYO Community has onboarded greater than 10 million nodes to its decentralized bodily infrastructure community (DePIN), co-founder Markus Levin advised Cointelegraph in an interview.
The nodes principally comprise human customers who present information in alternate for rewards by way of the community’s cellular utility, COIN. “The overwhelming majority of our 10 million nodes are cellular customers, however some are IoT units like good audio system,” Levin advised Cointelegraph.
Roughly 80% of XYO’s customers are non-crypto natives who’re taking part in Web3 for the primary time, he added.
They embrace truckers, rideshare drivers, supply individuals, and nurses amongst others, Levin stated, including that “95% convert after onboarding via the COIN app.”
Associated: DePIN XYO launches on Solana
DePIN Tokenomics
In alternate for information, XYO awards its customers factors which can be redeemable for its native XYO token, in addition to “BTC, ETH and even present playing cards,” he stated.
In October 2024, XYO bridged its native token to Solana (SOL) in a bid to succeed in extra customers. The XYO token has a market capitalization of roughly $180 million as of Might 2, in accordance to information from CoinMarketCap.
XYO earns income by accumulating and validating information in sectors starting from real-world belongings (RWAs) to gaming. It then makes use of a portion of that revenue to purchase again XYO.
In January, XYO launched its layer-1 blockchain, which collates real-world information from throughout XYO’s nodes onto a public ledger.
The community’s validators stake XYO and earn rewards denominated in XL1, the community’s newly-launched fuel token.
DePINs are blockchain protocols aimed toward decentralizing real-world infrastructure and techniques, together with communications networks, information warehouses, power markets, and extra.
They’re amongst Web3’s “subsequent large use case[s],” with the potential to onboard “a major variety of new customers to the crypto area,” based on a September 2024 report by MV International, a Web3 investing agency.
In response to MV International, the DePIN ecosystem includes upward of 1,000 initiatives and represents roughly $50 billion in whole market capitalization.
Journal: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’
